Petroceltic jumps on good news from Italian government
Petroceltic International, the Irish oil and gas company, has risen sharply after authorities clarified new regulations on operators working in Italian waters.
Petroceltic International, the Irish oil and gas company, has risen sharply after authorities clarified new regulations on operators working in Italian waters.
In 2010 Italy introduced new laws on oil and gas drilling in response to the Gulf of Mexico disaster.
The new guidance appears to mean companies who made applications for permits before the 2010 legislation was introduced will not be subject to a 3% increase in royalty payments.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Obviously this is good news for Petroceltic which has several offshore applications lodged.
At 10:20 the shares had risen 6.3%
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
UK inflation could rise to 3.5% tomorrow as food prices add pressure
Some economists think inflation will hit 3.5% in tomorrow’s report covering June, coming in above the Bank of England’s forecast. We look at what to expect.
-
New electric car grant worth up to £3,750 announced – how the scheme works
The cost of a new electric car could be cut by up to £3,750. We explain how the new electric car grant works, and what cars are likely to be made cheaper.